Key Highlights:
- TCARE, a St. Louis-based business that provides technology to assist elder caretakers, has grown by acquiring a New York-based software firm.
- Ruby was developed by 25madison, a New York-based venture business focused on the creation of new enterprises and the investment in early-stage startups.
- Ruby’s 12 workers will join TCARE as a result of the transaction.
TCARE acquires Ruby Home Services
TCARE, a St. Louis-based business that provides technology to assist elder caretakers, has grown by acquiring a New York-based software firm.
TCARE has purchased Ruby Home Services Inc., a company whose software is used to do home safety evaluations for the elderly. The deal’s financial specifics were not disclosed.
The purchase broadens TCARE’s technology, which provides an evidence-based analytics tool that enables social workers, care managers, and care coordinators to assist family members and caregivers caring for elders, foster care children, and children with special needs. TCARE collaborates with managed care companies, government agencies, and health, life, and long-term care insurance providers.
Improving elder care
TCARE co-founder and CEO Ali Ahmadi stated that with the purchase, the local firm has further positioned itself as “the premier aging-in-place technology provider and data analytics provider in the eldercare industry.” TCARE was referred to Ruby by one of its investors, St. Louis-based venture capital firm SixThirty, he said. While TCARE first planned to establish a collaboration with the New York software firm, Ahmadi stated that conversations eventually widened to include a purchase.
Ruby was developed by 25madison, a New York-based venture business focused on the creation of new enterprises and the investment in early-stage startups. TCARE’s acquisition of Ruby, according to 25madison CEO Steven Price, would allow the two companies to further their aim of improving elder care.
“The Ruby team identified the enormous problem of caregiver fatigue when examining the aging-in-place environment. We were delighted with TCARE’s advanced caregiver solutions when we were introduced to the “Price stated. “The combination of TCARE’s best-in-class caregiver solutions and Ruby’s focus on enriching seniors’ lives takes us closer to achieving our shared goal of building a hub for aging that touches numerous aspects of seniors’ lives.” We can allow more elders to live securely and happily in the houses they love if we work together.”
Ruby’s 12 workers will join TCARE as a result of the transaction, according to Adhmadi. He stated that current plans call for Ruby and its crew to relocate to St. Louis. TCARE’s staff has already surpassed 100 individuals, according to Ahmadi, as a result of the purchase and subsequent hiring.
TCARE has emerged as one of St. Louis’ fastest-growing businesses in recent years, having come to the region after earning an Arch Grant in 2019. In 2020, the firm secured a $3 million investment round.
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